TR0UBLE: CBN Bans Nigerians From Investing In Bitcoin, Cryptocurrency |READ REASONS
Afnews Editor
Feb 05, 2021
The Central Bank of Nigeria, CBN, on Friday, instructed Deposit Money Banks (DMBs), other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs) and local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
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The apex bank gave the directive in a letter to all DMBs, OFIs and NBFIs dated February 5th.
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The circular signed by Director of Banking Supervision, Bello Hassan stated:" The CBN circular of January 12, 2017 ref FPRIDIRGENT R/06/010 which DMBs, NBFIs and OFIs and members of the public on the risks associated with transactions in crypto currency refers.
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"Further to other regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited."
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CBN warned that a breach of this directive will attract severe regulatory sanctions.
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The Apex bank ordered DMBs, OFIs, NBFIs, to identify persons and entities transacting in or operating crypto currency exchanges within their system and ensure that such accounts are closed immediately.
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— Afnews Editor